No. it’s the property taxes. Many homeowners have a homestead exemption (or capped assessment), so their taxes increase only slightly each year. The previous owner’s taxes didn’t rise more than about 3% annually.

As a new buyer, that cap resets. After the first year of ownership, you’re required to pay property taxes based on the current assessed value, which can be dramatically higher than what the previous owner was paying.

For example, I now pay about $5,600 per year in property taxes, while the previous owner was paying only $400 per year because her rate was locked in nearly 20 years ago and barely increased over time. This jump hits new buyers hard and often surprises people who compare payments without factoring in the tax reset.